Good afternoon, ladies and gentlemen, and warmly welcome to Basware's Q1 2021 results webcast and conference call. My name is Katariina Kataja, and I work as an IR Manager here at Basware. Today, here with me, I have through the conference lines Klaus Andersen, CEO of Basware from Denmark, and CFO Martti Nurminen here at the Espoo office in Finland. I would firstly like to draw your attention to the disclaimer note we have here in the presentation and remind that you can ask questions through the web chat during the web presentation and through the conference call lines after the presentation. The questions may also be asked from this meeting room here at Espoo. With these words, I would like to hand over to Klaus in Denmark. Klaus, please go ahead. Thank you very much, Katariina. Good afternoon and good morning, and welcome also from me to this quarterly results call. Let's start with the key takeaways from Q1. Q1 was in many aspects an uneventful quarter, where we continued to execute our business according to our plan and our strategy, with only smaller fluctuations. Net sales in line with expectations, profitability better than expected, and actually the best Q1 profitability we've seen for many years. Order intake slightly lower than expected, and consistent development in our cash generation, ending the quarter with an all-time high cash position. We welcomed more than 10 new customers during the quarter and continued to increase business with our existing customers on a healthy level. Our business environment is still somewhat impacted by the pandemic. We saw good performance in most of the Nordic countries and in parts of the rest of Europe. APAC did not contribute this quarter, and the net new name business in North America was slow in Q1 as well. Amongst other new customers, JELD-WEN, Inc., a U.S.-headquartered global windows and doors manufacturer, joined us, and so did Harbour Energy, a global oil and gas company headquartered in the U.K. Our expansion business with existing customers continued to be strong and contributed significantly to the total order intake for the quarter. More than 30 customers expanded their services significantly during the quarter. As for example, GKN Automotive in North America. Transformations from on-premise to cloud continued in Q1. The weight of that in the total order intake is getting less and less significant. Expansion business with existing customers is going consistently well and a good proof point that our customers are appreciating the value of our services. The order intake for the quarter was made up of medium-sized and small deals, and no real large deals were closed in Q1. We continue to see cautiousness, especially in the larger enterprise segment, leading to longer sales cycles and sometimes even yes, but not right now decisions. During the quarter, IDC published their updated 2021 MarketScape analysis. Our cloud solutions once again were rated very high by IDC. We remain one of the very few leaders in the global networked P2P space. The main strengths which were reiterated were the extensive global network and the ability to connect with all suppliers, regardless of sending method. Product enhancements that leverage machine learning, including SmartPDF AI, and the Approval Confidence Index. Ability to for real enable 100% visibility and transparency across all spend. One statement from the IDC analyst in this regard that I particularly like is this one: "Basware took visibility one step further with its recent launch of its Spend Insights dashboard, which provides a single view across an organization's entire spend, whether it's direct, indirect, PO, and non-PO. Recommendations on suggested actions, all designed to help procurement departments rapidly identify areas for potential savings." Strong and very pleasant feedback from the analyst. We are progressing with our partner strategy. We reached important milestones in Q1. PwC in Germany is now an official partner of ours. Basware's cloud solution is now part of their technology enablers for their finance transformation programs going forward. Joint projects are already ongoing in both Germany and France. PwC in Germany are currently building out their implementation capacity and capabilities on Basware solutions and Basware technology. The partnership at this point in time is still Central Europe-focused, but it's an important milestone for us and a great platform for further expansion within the global PwC organization. Harbour Energy in the U.K. signed up for networked Accounts Payable with us in this quarter, and this deal is interesting because it was the first deal with this very different go-to market approach. The deal was fronted by one of our advisory and implementation partners, and the value proposition was Basware for networked Accounts Payable and one of our global competitors for sourcing and procurement, a combined bid fronted by the partner working closely together with one of our main competitors during the sales process, with joint system demos, joint workshops, et cetera. By doing it this way, we created a much stronger value proposition for Harbour Energy, which was acknowledged, and we won the business. Very interesting go-to-market case because it combines our partner strategy with our product strategy, open APIs and seamless coexist, and creates a competitive value proposition that we would not have been able to create as strongly on our own. Will be very interesting to see with what rate and pace we can repeat this success. We continue to launch new innovations with a steady pace. Our new Accounts Payable pro-use interface is being rolled out as we speak, and we have just finished a major upgrade of our procurement solution with a new and fully integrated shopping experience. Bringing catalog-driven shopping and punch-out-driven shopping fully together in Basware Purchase. Basware Purchase gets stronger and stronger and is now part of about 25% of all our new deals. We have more than 100 customers live on Basware Purchase today, and the volume of purchase orders processed by our customers is now rapidly growing again after being affected by the pandemic up until very recently. E-invoicing mandates and clearance models continue to be introduced, and our latest launch was support for this also in China for the e-invoicing receiving side. A trend that continues on a global scale, a very interesting trend, so let's dig a little bit deeper into that trend. E-invoicing mandates and clearance models are rapidly evolving, and compliance is mandatory for our global customers. We are fully committed to support our customers in this journey, and some of the key areas we have already implemented during the last years are shown here. Today, we support compliant e-invoicing in approximately 60 countries. This space is very non-standard, and we have to adapt to different kinds of local requirements, bespoke systems, and country-specific implementations, which is particularly visible when it comes to clearance, business to government, and Peppol-based models. No real standard exists. This trend only continues, and we are already now preparing ourselves for the changes we know will be introduced in the future. As an example, the e-invoicing mandate and clearance to be introduced in France in 2023 is a key focus area for us already now. To shield our customers from this increasing complexity requires constant focus and investment from us, but it also clearly makes our global network more competitive because very few vendors, if any, support this on truly global scale. Let me now hand back to Finland, where Martti Nurminen, our CFO, will take you through our Q1 numbers in more detail. Over to you, Martti. Thank you, Klaus, and good afternoon, good morning also on my behalf. First, in terms of the financial performance overview for the quarter. As Klaus mentioned, we booked EUR 2.9 million of order intake for the quarter. This was a result that clearly continues to be impacted by the business environment, and again, especially larger deals taking longer to close and deals moving forward in the year. In terms of net sales, EUR 37.7 million at the same level as Q1 last year at organic constant currency. I will dig a little bit more in details into that one, but clearly the two trends that we've been talking about before, cloud growth continuing, whereas now, especially in the first quarter, the maintenance revenue accelerated decline is clearly having an impact. When we put that all together, we come out at the same level on an organic constant currency basis as Q1 last year. In terms of profitability, a strong performance in the quarter continuing on the trend that we've seen last year. We delivered EUR 1.4 million of operating profit. That's EUR 1.3 million ahead of Q1 of last year. Equally, gross margins developing favorably, I will also go through that through in a bit more detail in a moment. Finally, as we also have said before, cash and especially our receivables management continues to be an important area for us. Not only did we do a cash from operations approximately in line with last year's Q1, which as such was a good step already Q1 last year. On top of that, also our working capital developed favorably in the quarter. In total, we are adding EUR 2.4 million of available cash into our cash position at the end of Q1. With that, let me turn over a bit more into cloud order intake. Clearly, what is also visible from the graph is that the last 12 months from an order intake perspective, have been clearly lower than the preceding 12 months of that. Clearly, as already said, business environment, especially on the larger deals, on larger enterprise customers, continues to be impacted. This is a phenomenon that we've seen and also what we have said in the beginning of the year, that especially now for the first half, when the uncertainty still continues to be high in the business environment, that this continues to be a driver that is weighing on our order intake performance. Similarly, as to what we have seen before, as such, we are not losing deals. They are prolonged. We see deals moving further into the year. There's a little bit of good in that. Again, when we then think about the pull-through of revenue for the current year, obviously, there is an impact of that as well. On the other hand, when we look at the other side of our order intake performance, as Klaus also mentioned, sales to existing customers continues to perform approximately at the same level as we saw in Q1 last year, a stronghold and a demonstration of the robustness of the value we deliver to our customers. Once we get our solution up and running, clearly that demonstrates that the value is there and we are able to see extensions of our relationships with our existing customers. Equally, Benelux, Sweden, and North America grew their order intake in the quarter. An important point for us, we also saw that the contribution from partners was clearly positive on a year-over-year basis for the number. All in all, in summary, pretty similar trends as we have seen in Q4 also playing out in the first quarter in terms of our order intake performance. In terms of net sales, let me go through that in a bit more detail. First of all, in terms of SaaS growth, the core software product of the business growth approximately in line with Q4, a slight deceleration, but broadly speaking, as reported, 10%, exactly the same as in Q4. At organic constant, 12%, a little bit of a deceleration compared to Q4, but still approximately in the same level. Transaction services equally the same trend what we saw last year, revenue growth impacted by the volume mix. We do continue to see now, especially again towards the back end of the quarter, that the volumes start to be approximately equaling to last year's levels, whereas especially the subscribed volumes are growing, and then on the other hand, paper-based as well as scan and capture-related volumes are coming down. Related to non-cloud revenues, consulting grew strong in the first quarter, 12% at organic constant currencies and progressing solid execution. Finally, what then brings the total on an organic constant currency basis to flat year-over-year is our maintenance revenues coming down by 66% at organic constant. Clearly a function of the 5.1 product family being sunset 31st of December last year. In terms of our profitability for the quarter, first and foremost, a continuation of the systematic execution of our strategy. It is the actions every day and every week that count. When we put all that together, gross margins expanding on total company level by two points. It is 1 point less sequentially. This deceleration sequentially, of course, naturally driven by the maintenance revenue reduction. Cloud gross margins now at 69% for the quarter, up 2 points on a year-over-year basis. We do see that the quarter played out in line with our expectations also in terms of profitability. Finally, let me please comment on sales and marketing and R&D that are substantially changing on a year-over-year basis. Sales and marketing expenses reduction on a year-over-year basis, mainly driven by the fact that clearly there continues to be a lot less travel as well as then physical events. To give you an understanding on a total company level, when we think about all of the travel and entertainment spending across the company, the impact in the Q1 number compared to Q1 last year is approximately EUR 1 million less travel and entertainment spending in the quarter. Looking at research and development, the expense number for the quarter was EUR 6.8 million, which is EUR 0.6 million more than in Q1 last year. We did capitalize less development expenses in Q1. We do expect that as we go forward into the year, we start to normalize more towards the levels where our development expense capitalization was last year. Again, Q1 as such, a little bit of a lower capitalization, but again, on a go-forward basis, we do expect that to normalize towards prior year level. Put that all together, as we already said, EUR 1.3 million more operating profit for the quarter, and as such, a strong start for the year. Finally, on cash and cash flow before turning it back to Klaus on outlook, we added EUR 2.4 million of cash in the quarter. Cash from operating activities approximately in line with prior year level, and as such, again, as I mentioned, a good EUR 6.5 million in Q1 last year. Now particularly pleased that we do continue to see a positive development, especially in overdue receivables, almost EUR 4 million less overdues at the end of Q1. As such, of course, we understand that plays directly into the available cash. A very important topic for us that continues to be, especially in the context of where the overall economic uncertainty continues to play a role. Just as a reminder, we still do have a EUR 0.5 million of a cash benefit in our end of Q1 numbers related to the payment deferral options that, for example, governments and certain insurance companies were granting when COVID-19 hit last year, and we do expect that to be paid back entirely by the end of 2022. With that, I'd like to turn over back to Klaus. Thank you very much, Martti. Let's switch to the future now. Our financial performance is strong and has improved consistently over the last couple of years. Scalability and margins are also improving, and our expansion business with existing customers is consistent and on a very good level. Net new name order intake is the area where we have room for improvement. The pandemic has affected this and is still affecting us. We have naturally not been standing still waiting for the pandemic to disappear. We've continued to implement changes with the rate and pace we could manage, and we will continue to implement more changes going forward. Our partner strategy is progressing, and we have just recently extended the scope to fully embed the system integrators, SIs as they are called, into our partner focus. Our network-only business is now getting more attention and more resources because we strongly believe we can get more growth from this part of our business. We started already in Q4 last year to increase our marketing activities. We'll continue to do so as long as we feel it creates meaningful returns. We continue to invest in sales efficiency and sales support, like system and tools, training, process improvements, et cetera. The cooperation between partners and our own direct sales force is becoming more institutionalized now and more and more business as usual. We now have strong leadership in place again in the U.K., where Paul Taylor, our previous Chief Revenue Officer, will dedicate all his focus going forward. Consequently, he has stepped down from the Basware executive team. We are now looking for our new Chief Revenue Officer. The search process is ongoing, and in the meantime, I will act as the Interim Chief Revenue Officer. Nordic sales is now restructured into two regions. Denmark, Sweden, and Norway are merged into one Scandinavian region under new common leadership. A new, strong regional head and Vice President of Sales Scandinavia will join us very soon. Finland will continue under the current country manager leadership, and Tapio Niinikoski has been promoted to Vice President of Sales Finland and will report directly into the Chief Revenue Officers going forward. A lot of initiatives already ongoing and additional changes being introduced to get more momentum into our net new customer order intake. As said a couple of times already, this year has so far been relatively well-aligned with our own expectations and with only smaller fluctuations here and there. Order intake for the first quarter was slightly lower than we had hoped for, but pipeline looks healthy and is currently supporting our expectations for the future quarters. Top line as expected, with consistent double-digit SaaS growth and with transaction volumes coming back to pre-pandemic levels, the transaction revenue is also coming up again. Professional services continues to improve. 12% growth with a lower cost base means increased contribution from professional services. Maintenance revenues for the full year might come in a little bit better than previously indicated, but only slightly, so we don't expect that to have a material impact on the full year numbers. Profitability remains strong and continues to improve. With the first quarter of the year behind us and an outlook we believe is still very well in line with our previously announced view, we keep our outlook unchanged and reiterate our guidance for the full year. Modest positive net sales growth on a constant currency basis and EBIT approximately at the same level or better than the previous year. As always, we'll provide more specific guidance as the year progresses. Let's go back to where we started this presentation. All in all, a quarter very much in line with our own expectations. Top line, flat as expected. Profitability, better than expected. Order intake, slightly lower than expected. Cloud growth offsetting the decline in maintenance, well supported by improved performance in professional services. Cash position continued to develop positively, ending the quarter with an all-time high cash position of EUR 43 million. With that, I would like to hand back to Katariina and open up the floor for questions. We can now start taking the questions from the room, please. Carnegie, Matti Riikonen, please go ahead. Hi. It's Matti Riikonen, Carnegie. Maybe firstly, about the strength of the consulting business, what is driving that? Do you have kind of consulting resources when consultants are not helping with the kind of sales work, or is it just something that customers have had a quarter of more demand for your consulting services? I can start. I can start. Okay. Go ahead, Klaus, please. No, we actually don't have more resources, but we have been able to take the next step in our efficiency also in the professional services area. We are now better at timing our projects and executing our projects and driving the utilization up, which is exactly what you can see in the numbers now. Okay. Thank you. Could you tell us where is your SaaS growth coming from? If you have to split it to existing cloud customers and converting maintenance customers and totally new customers. What kind of sales growth are you seeing in these segments? I can take that on a high level, Klaus. I think, Matti, as we've said before, the details of the SaaS growth by more detailed engine is something that we don't disclose. Over time, and clearly now second of all, as we look into the mix of our order intake, what we have communicated last year and also now is that in the net new customer area, we have most work to be done on a relatively spoken. Basically, we can say that expansion business has been in 2020 together with transformations, the main growth engines, where it's coming from. Of course, equally from net new, but to a lower extent from net new and more from expansions and transformations relatively speaking. Okay. If we think that what the competition is doing, we can see that, for instance, some of your competitors in Europe, like Esker, they have had pretty decent, good growth numbers in the order backlog already in Q1. One could say that not all companies in your field are not suffering in the same size as maybe you are. I was thinking that do you think that this is more like a coincidence and, of course, deals land when the deals land, but is there any kind of trend to that that you could explain? Are your offerings so much very different that that would explain the growth or the difference in the backlog growth? I can take that question. I think I saw the numbers as well from Esker the other day, the pre-quarterly announced numbers. They have done pretty okay actually on the order intake. I think the explanation there is because we are actually focused on two different parts of the upper segment. We are more exposed to the fact that the larger enterprises are a little bit more reluctant or cautious to enter programs, because that's a very important part of our business. That's the larger enterprises. Whereas competitors like Esker, for example, they're more operating in the mid segment and in the lower segment, which I think you can say the impact there has been a little bit less than the impact we see on the larger enterprise companies. Okay. Fair enough. Last from me, do you expect the sales and marketing costs to start coming back fully in the second half of this year, now that you have been basically having less costs there? Do you think that that would normalize, and where are your costs growing the most when we approach the end of the year? I can comment that first. Basically, Matti, you've got three elements there, and actually even before that on a high level. I think it now depends very much, first of all, that how do we see the environment to develop. It is something that our CMO and the marketing team, we are watching very carefully in terms of where we put money to work and depending then the bang for that buck, and that's obviously an ongoing process. I think clearly three areas as we look the rest of the year. Very natural, first of all, if the world opens up again, the travel spending certainly would increase. We are counting in our numbers and in our outlook for a certain level of increase. Then again, time will tell how that will play out. Demand generation activities, equally as we see that how much bang for the buck there is and how our further demand gen activities are bearing fruit. That certainly we do expect to continue to normalize during the year. The degree to which towards the back end of the year, even physical activities can be then again something that can be seen as a healthy tool, again, from a return on investment perspective to increase the demand generation and really traction and the velocity of the funnel. That is then something that we will also be looking at. Unfortunately, I'm not exactly able to give you a number in terms of how do we expect that to come up during the second half of the year. Net-net, we do expect that to normalize during the second half of the year in line with our guidance as well. All right. Thank you. That's close enough. That's all from me for now. Thank you. Inderes, go ahead. Thank you. Hi, it's Sandeep from Inderes. I could ask about the business environment. You mentioned that during the H1, you're expecting the situation to be still a bit difficult with the larger customers being more hesitant in terms of taking on new projects. You also mentioned that you have not been losing these deals, rather they just move forward. I guess you have a bit of accumulated demand from this customer segment. Going into H2, maybe even also next year, how do you see this demand being phased, in terms of cloud order intake? Do you expect to have abnormally high levels of cloud order intake later this year? What kind of scenario do you have in mind for those customers coming in and activating? I can take that. Abnormal high increase, that's strong words, I would say. We definitely expect that the business environment will ease up. If you look at our order intake in more normal circumstances, it actually consists of small and medium deals to a very large extent, and then typically one or two larger deals on top of that on a quarterly basis. They have been piling up, you could say, the larger deals. They are being postponed, and some of them are actually being postponed to not only one month or two months, but maybe to a completely different point in time. It's very difficult to say exactly what's going to happen. Of course, we expect when things normalize a little bit more than they are right now, that the demand environment and the business environment will open so much up that we will start to see a more normal order inflow compared to what we have seen over the last four quarters. Thanks. That clarifies it. I could ask a follow-up on that. If you think about your capacity to take on new customers when the activity comes back, of course, you've been investing in the partner program as well. Do you see that you would be capacity constrained if the activity picks up, or do you feel that in terms of getting these customers in, you're in a good place? No, I think from a capacity perspective, I think we can take on more than what we are seeing right now. One thing is to get the deals over the line, but the other thing is to be able to handle it also from an onboarding and implementation and project perspective. There we are also, I would say, pretty well prepared for that. We have more and more of our partners, as I mentioned earlier in the presentation, which are system integrators and professional services. The number of headcounts in the ecosystem of consultants who are able to implement and configure our solutions is increasing. Which is, by the way, also something that we are actively working on to increase that ecosystem and have more and more consultants in the ecosystem that has knowledge of Basware and Basware solutions. Thanks. That's helpful. That's all from me. Are there any other questions from the room, please? If no other questions, we may open the conference call lines, please. Thank you. If you wish to ask an audio question in the conference call please press zero one in your telephone keypad. If you wish to withdraw your question you may do so by pressing zero two to canlcel. Our first question comes from Sami Sarkamies from Nordea Markets. Hi, thanks. I have three questions. Starting from order intake, I think the number you reported in Q1 is actually the lowest you have reported since you started to disclose the number in 2017. On the other hand, you're saying that the sales pipeline has improved relative to Q4. Can you somehow try to quantify this improvement in the pipeline? Secondly, you did say that no large deals were closed in Q1. Have you been able to close any of these large deals so far in Q2? I can start answering some of it, and then you can maybe take over as well, Marty. We don't really talk about what we have closed in future quarters. What we're closing in Q2 right now will be disclosed at the Q2 earnings course. We did close one big deal in Q4, which took us to a reasonable order intake in Q4. We did not do it in Q1, we do expect that we will see a more normal situation going forward. Whether that's going to be in Q2 or Q3 or Q4, I don't know. We have more or less, I would say, the same amount of active cases in the pipeline when it comes to the larger deals than we have had two quarters ago. Did that answer your question? Yes. Basically, the pipeline is sort of intact, but you don't have much visibility on when those deals will then come in. No. Correct. I think it's very difficult to forecast these deals in this environment. I think when you look at the pipeline, we already started in Q4 to slightly increase our marketing activities, which we are seeing a positive impact on now on the latter part of the quarter. We can see that the pipeline is now again moving in the right direction after a period of time where it has been sort of relatively flat to declining. There are lead indications, I would say, in several areas that gives us a little bit of confidence that there is light at the end of the tunnel of this situation that the pandemic has created, and which to some extent still impacts us. Okay, thanks. My second question would be on network recovery. We did see a slight improvement in transaction services revenue from Q4. Looking at sort of the current levels, should we assume further improvement going in the second quarter? There are two parameters here that plays a role. One is the actual volumes of documents that we process in the network, and the other one is the mix of the documents, the different types of documents that we process in the network. I think from a pure volume perspective, we have seen already during Q4 and also now in Q1, that the volumes were coming up again. They massively dropped in the beginning of Q2 last year, but they are coming up again. From a volume perspective, we are close to, or maybe even slightly above where we were at this point in time last year. The reason why it's not fully sort of visible in the revenue numbers when it comes to transactions is because the mix has slightly changed. The more expensive, more manual scan and capture documents, that volume is going down, the more automated e-invoicing and electronic e-invoicing, these volumes are going up, which means that it sort of balances out a little bit, this volume increase from a numbers perspective. I think the very encouraging thing is to see that the volumes are back, or even slightly above where they were at the same point in time last year, and they're growing. Okay, thanks. My final question would be on the open API progress that you highlighted in your presentation. Can you tell us a bit more about this case that you won with your global procurement competitor, and maybe even disclose the name of that competitor? I would like not to disclose the name of the competitor. It is really interesting because when you look at the requirements that this particular customer had, then the combination of us and a competitor in one joint value proposition, we were able to put a value proposition and a proposal on the table, which was perceived as by far the strongest proposal in the mix. It was a competitive bid, so there were other vendors in there as well. The combination of the two of us fronted by a partner, actually was the decisive factor that made us win that business. The interesting thing here is the construct, because there are areas in the, you could say, full source to pay space that we deliberately not support as from Basware, where some of our competitors are stronger. If the requirements from the customer side includes these kind of things that we don't have, then that way of going to market with a trusted advisory partner up against the customer is an interesting construct. Okay, thank you very much. I don't have any further questions. Thank you. Our next question comes from Julian Serafini from Jefferies. Please go ahead. Your line is now open. Hi, this is Anik Bauman on behalf of Julian Serafini. A couple of questions on our side. You entered into a partnership with PwC in Germany this quarter. Can you please elaborate on the benefits of such a partnership for yourselves? And do you expect to complete similar partnerships in other geographies going forward? The answer to the last question is yes. The answer to the first question is that this is an important milestone for us in our partner strategy, because PwC are constantly evaluating the technology that is available in the market that enables them in the best possible way to deliver successful transformation programs to their customers. We have been chosen now as one of the technology enablers for the space that we play in, for them to deliver the recommended sort of setups and workflows, and so on, to their customers when they do these bigger transformation programs for and on behalf of their customers. What we, of course, hope is that this is something we can build on and something we can repeat. We are, of course, already talking to PwC about what they have in their pipeline of big transformation programs and projects, and what we have in our pipeline, and so on. We have quite a good and open relationship with PwC in Germany. Okay. Thank you. That's very insightful. The other question that we had, you mentioned that sustained uncertainty, similar as you saw in Q4, have you had any developments there at all? Increased conversations with customers about potential deal closures, any kind of momentum or improvement versus Q4? I'm thinking about exactly how to give you a proper answer on that one, which is just not too much just words. I think, first of all, the only area of the world right now where we are a little bit more back to business as usual is actually Australia. Funny enough, Australia was the only region this quarter that did not contribute with anything for the quarter. That's more down to seasonality and that it's the summer holiday period, and it's not a big region for us. It's down to, I would say, a few deals, whether they fall on one or the other side of the quarter end. Nevertheless, I think what you can observe there is that relatively quickly, because they have opened up already now there, so physical meetings and physical events and stuff like that is going on in Australia right now. You can see that the interaction and the things that you're talking to the potential customers about, and on what frequency you're doing it and the way you do it and so on, is relatively quickly comes back to how it was before. Which I think is quite interesting. In, I would say, almost all the other areas where we are operating, we are seeing either a second wave or a third wave of lockdown and so on. We are very much still in the middle of it, with some light at the end of the tunnel in some countries and regions, but nowhere else than Australia we have seen that it has opened up again. It will take a little bit of time before, even after things has normalized, where I would say where also the business decisions and the trust in companies' own forecasting and budgets and so on comes completely back to where it was before. I definitely think that is just a matter of whether it's this quarter or next quarter or whatever, it will come back. Very insightful. Thank you very much. Thank you. There appears to be no further questions registered, so I hand back to Katariina. Thank you very much. We have one question from the chat, and it comes from Annina from Allianz Global Investors, and the question is: Question about the order intake. One of your competitors, Esker, reported 45% growth in the order intake for Q1. Why is there such a big difference in order intake trends between Basware and your competitors? I think, as I said before, I think we partly operate in two different parts of the segments of the business environment. Where we are operating in the middle and upper part of the size of the companies in the market, and they are operating in the middle and the lower part. As I also said before, I think the impact is higher on the larger and more enterprise businesses than it is on medium and smaller size businesses. I think that's at least one of the reasons why it's different. I think it's quite nice growth from a percentage perspective that you can see also from a competitor like Esker, which is well done by them. If you look at it also in amounts, in EUR amounts, it's not significantly different than what we closed in this quarter. Ladies and gentlemen, we have now covered all the questions. Sorry, we have one question still in the room, and it comes from Carnegie. Please go ahead. Hi, it's Matti Riikonen, Carnegie. Two more questions related to the network business. First of all, did you get any new transaction service customers in Q1, or is the volume that you are doing based on existing customers only? I can comment at least on one thing, Matti. That related to the mix of the order intake, it's broadly aligned, what we usually would expect that to see, between 60% and 70% historically in B2B, and then again between 30%- 40% in network. In Q1, that trend as such, broadly speaking, was there as well. Again, we don't disclose exact numbers there. Again, also on the network side, we did saw order intake for the quarter. Okay. Then when you discussed the sales mix in the network business, you separated the scan and capture part, and then the e-invoicing part. I was thinking that could you give us the volume shares of these two? Because if you're kind of short-term handicapped by the loss of scan and capture business, I would imagine that that is going to be not so relevant going forward if everything goes to e-invoicing. Any kind of short-term loss there is kind of a thing that the future will fix in any case. What kind of magnitudes are we talking about there, and what kind of longer term challenge you would have that the scan and capture business needs to be going down anyway at some point, at least when it comes to the revenue shares? I think historically speaking, Klaus, I can start at least, number of transactions, for now for quite some time is something that we've not been disclosing. That certainly is something that we continue to evaluate as part of when we look at the overall product profitability, then providing an improved understanding on product profitability also externally, then when the time is right. Historically speaking, again, to give you a rough number when we look at scan and capture transactions, we're talking approximately between 10% and 20%, but again, varies quite a bit. Again, when it comes to paper-based volumes, between approximately five and 15%. Again, these vary on a month-by-month basis quite substantially, and especially now as there's a mix change, it drives quite a bit of an influence. Last thing, like Klaus mentioned, there's the volume and absolute number. Even within e-side, of course, then there's almost another dimension because you also have the pay-as-you-go versus subscription. You have basically three dimensions that are influencing that. Again, rest assured when the time is right, that's certainly something that the company is looking into improving the transparency also externally in a relevant fashion. All right. Then maybe a follow-up to that, if we think about the scan and capture business, and now it had a negative impact on your top line, did it have a positive impact on your gross margin? Yeah, certainly. There's a slide on other things equal. There's a slide on a unit basis that there is a positive impact on the gross margins. Again, there's also certain fixed cost coverage even in there. Again, depending on unit pricing and depending that whose customer scan and capture transactions are coming out, equally that's going to have an impact because it's not that scan and capture would be something given, but different customers have different requirements, different circumstances. Also that depends a little. On a unit basis, the way to think about it is that, yes, it would improve gross margin slightly. Okay. Thank you so much. We have another question from Inderes. Please go ahead. Hi, Antti Luiro from Inderes. I'd like to pick your thoughts on how you think of the structure of your growth. You mentioned that the larger customer is a bit more hesitant in the uncertain business environment to take on new projects. I guess that's part of your strategy as well, that you're focusing on these customers. There is a certain cyclicality, I guess, in your growth when it comes to the activity of these customers. Now, looking forward, I guess there are going to be times when the business environment gets into a situation like this, that there's a lot of uncertainty. Do you think there is something you can do to manage the activity and the way that these customers could take on Basware as a solution, or is this something that you kind of have to accept as a natural part of your business based on the strategic choices you have made? Let me start on this one. First of all, I think what we're aiming at is, of course, to get more consistency in the part of the order intake, which is not the very large deals, which is sometimes coming and sometimes not. But to get more efficiency and consistency into that order intake. That's a very fundamental thing that we will continue to work on to improve that element. Because the order intake will always consist of a relatively large part, which is more, I would say, organic order intake. So coming from medium-sized to small and new customers and the existing customer base. And that you need to be able to get to a point where that is consistent and on a good level. And then the larger deals, which you're completely right, that is very much our focus. The upper part of the markets is where we have our sweet spot. They need to then come on top of the more organic order intake. There, what we, of course, are opening up for, and are already in these kind of discussions with some customers, is to slightly maybe restructure the terms and conditions around the services so that it's more value-based pricing and a little bit more risk-sharing models than we would normally maybe have done previously. The trick here is, of course, to have a value proposition which is strong enough, even in circumstances where there are a little bit of reluctance in the market to take on these larger projects, that you overcome that and still can move forward with some of these larger deals. We are working with our deal structure and the way we do it and so on. It's one of the tools that we have in our toolbox that we can work with. I hope that answered your question. Yeah. That's helpful. Thank you. Are there any other questions from the room? I assume no other questions, and there are no other questions in the chat either. Ladies and gentlemen, I would like to close the question part and thank you for your participation and your attention. I would like to remind you that this webcast has been recorded and will be available in the investor relations sites later today. Thank you very much.